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Hi,
I have just experienced the same problem. The following solution works for me.
You will find ACTV.exe in the PSS/E folder. For PSS/E 33.5, it locates ".\PTI\PSSE33\PSSBIN\".
In the dos-CMD, set the path of ACTV.exe folder as your current folder path. Type in the following command and restart your computer.
ACTV "activation-string" Pythonwin.exe
where "activation-string" is the string used for your product installation.
The above command assigns the "Pythonwin.exe" with the privilege to call psse modules.